Toronto-based Cohere Raises $500M in Series D, Valued at $5.5B

Jul 22, 2024, 02:34 PM

Toronto-based AI startup Cohere has raised $500 million in a Series D funding round led by Canadian pension fund PSP, bringing its valuation to $5.5 billion. The funding round also saw participation from notable investors including Cisco, AMD, and Fujitsu. Cohere, co-founded by ex-Google researchers, aims to use the new capital to strengthen its position against generative AI rivals. This latest funding round follows a previous raise of $270 million at a $2.2 billion valuation in 2023, making Cohere one of the most valuable startups in Canada, according to Bloomberg.